FAO meat price index reaches all-time high in July

The FAO Meat Price Index averaged 127.3 points in July, up 1.5 points (1.2%) from June and 7.3 points (6.0%) from July 2024, and reaching a new all-time high. The increase was primarily driven by higher bovine and ovine meat prices, along a slight increase in poultry meat quotations, while pig meat prices declined.

Global bovine meat prices reached a new record high, supported by higher quotations in Australia, underpinned by strong import demand, particularly from China and the United States of America, which outpaced available export supplies. Robust global demand also contributed to firmer prices in Brazil.

Ovine meat prices increased markedly for the fourth consecutive month, reflecting limited export supplies from Oceania amid sustained global demand.

Poultry meat prices edged up slightly, bolstered by higher Brazilian export prices following the easing of restrictions and the gradual resumption of imports by several key trading partners after Brazil regained its high pathogenicity avian influenza (HPAI)-free status in mid-June.

By contrast, pig meat prices declined, mainly due to lower quotations in the European Union, where ample domestic supplies coincided with subdued global purchasing interest.